Reserve Bank of India allows co-operative banks to issue mobile wallets

Tuesday, May 30, 2017

The Reserve Bank of India (RBI) has allowed co-operative banks, who are permitted to install ATMs and issue debit cards, to also issue prepaid payment instruments PPIs like mobile wallets.

In a notification issued late on Thursday, RBI laid down strict norms and conditions to be followed by co-operative banks before permitting them to issue wallets for utility bill payments and other activities up to a limit of Rs 10,000.

“It has been decided to permit all licenced co-operative banks having their own ATM network to issue semi-closed PPIs,” RBI said in a statement.

Source: The Economic Times (link opens in a new window)

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